watch telethon tonight, contribute if you can. >> bon jovi and bruce springsteen and sting. how can you miss it? 8:00 p.m. "street signs" starts right now. welcome to "street signs." a better than expected jobs report not helping stocks. investors around here probably saying, who cares? just get me some gas! the lines are still long as final nj experiences -- our new word -- gaspiration. new york city's decision to run the marathon. folks still don't have power or heat. the latest involving out of town utility crews, unions and a hard hit area that's getting a lot of attention. thanks very much, brian. the dow putting on a 57-point gain in the very first minute of trade after the better than expected jobs report but the gains evaporated real quick. nonetheless, the dow is enjoying its best week in a month.

as for the s&p, it is also still on track for its best weekly gain in a month, albeit a very shortened trading week. indeed this is the first three-day week for the stock market since january 2007. the nasdaq also had its best week in nearly two months. crude oil and other commodities are moving lower as we're seeing the dollar currently hitting around a three-week high against the euro. the thinking here is that the better the economy maybe the less likely there will be more qe. gold on the same reasoning also now at a two-month low and sitting below $1,700. let's get down to bob on the floor of the new york stock exchange. what's your take why we lost our initial pop? >> you got if right. there are a number of reasons being sited. i'm going with the dollar. just take a look at some of the reasons that are here. as mandy told you, the u.s. dollar rallied. that makes more qe less likely. some disappointment with the

payroll. some of the numbers were a little bit on the squishy side. weak hourly earnings and average hours worked. for example. then there is the political slant, a lot of people have argued that president obama wins, the favorable jobs report makes it more likely. i think the aftermath of sandy very powerful and affecting certainly new yorkers more than a lot of people anticipated. i'll stick with the dollar story. if you look how the market is reacting, the two sectors that are most dollar sensitive are notably the weakest sectors today. that tells you these are commodity based, materials and energy. that tells you that that dollar strength has had an impact. techs and financials also to the weak side. finally, if that doesn't impress you, the gld, your major exchange traded fund for gold. it is one-tenth the price of gold here, moving down sitting essentially at a multi--month low, at least a two-month low. mandy, what gets your attention,

volume is truly heavy here. heading towards 13 million shares changing hands. that's more than twice normal for an entire day. that's obviously -- that dollar strength is clearly affecting gold as well. >> making itself being felt across the market. thank you, bob. as we mentioned, stocks initially responded positively to the better than expected jobs report this morning. very quickly turns negative for some of the reasons that bob just outlined. ceo of global x funds. bruno, what should we take away from the jobs report going forward for the market? >> the job report was pretty positive, particularly considering the low expectations, also the revisions for the last couple of months. and obviously we're at record highs for the stock market. a lot of liquidity is being pumped into the market. and so it is not surprising we're at the levels we are at. >> is it a good jobs report but not so good as enough for the fed to take its money printing presses out of commission? >> i think that's exactly right.

i think if you think about it in the context of the fiscal cliff, also to some extent the election, it is actually not so bad of a baseline report where you don't really have some of the big job creators like housing kicking into jobs. so you take some of the uncertainty with the fiscal cliff and you have businesses again doing big investments, that could be a big driver of significant growth. >> you know you don't buy stocks by what happened back there. you buy stocks by what's going to happen over here. >> well, i think that's going to happen is a lot of volatility as we run in to the fiscal cliff. and i think if you hold on tight within that volatility you're going to be rewarded. the fiscal cliff will be an inflection point. it is our belief -- >> why would i own stocks at all until there is a resolution? >> well, generally when you try to get back in is when a lot of the price gains have happened. and so you want to take the bet as to whether the fiscal cliff will be resolved before it is

resolved. >> bruno, thank you very much for that. joining us here on set. got some breaking news from new york city. brian schactman will have more on the marathon which most people have supported politically, but new york city co comptroller john liu, expected to run for mayor, coming out now against running the marathon. earlier in the week he supported it but he came out with a statement that basically says we can't ensure people's safety. people are hungry and cold. new york city is simply not ready. so the new york city comptroller john liu is now against running the new york marathon. we'll have more on the marathon in a bit. a big move today to help alleviate what we are calling gaspiration. the anxiety of driving around in circles just hoping to find a refill. homeland security issuing a temporary blanket waiver to immediately allow additional oil tankers to deliver fuel to the northeast. bertha coombs on that story in the new york harbor.

bertha? >> reporter: brian, the big thing that is allowing that actually is the reopening of new york harbor. had been closed since last saturday. they reopened yesterday and companies like bouchard transportation were on their tugboat here in the harbor just across from bayonne. they resumed operation but they are only at 40%. that's the imtt terminal here in bayonne. there is a hess terminal as well. these are the two big terminals here. they don't have power. we've been hearing from a number of sources that different ports have been called, most in the jersey area are down. the port of newark, they don't have power. a few of them are starting to come back with generator power. let's give you an update on where things stand. the biggest one here in bayonne, still down. don't have power, although

morton bouchard says they are likely to come back by the beginning of next week. some sources are hearing that they might come back even sooner. it doesn't appear that there is any physical damage. at least you can't see that here from the water. the terminals in long island are up. some of them with generator power. they are obtaining generator power. couple of boats in fact were moving -- don't mean to make you you sea sick but the tide is coming out so we're moving a little bit here on the boat. mr. bouchard saying in fact one of the tankers that was headed up to albany that he was manning diverted over to long island because the oil companies are working together to try to get oil where it's needed most first. terminals in brooklyn still not up as well. number of smaller terminals. it is all about maoer, gu epowe. that's definitely the issue as well for gasoline retailers. the sooner we get power, the sooner this bottleneck gets relieved out here. back to you in the studio.

>> bertha, thank you very much. it is the back and forth story that's getting a lot of attention today. reports that an alabama based utility was not able to help out in new jersey because they aren't unionized. the town saying they didn't turn anybody away. so confusion ensued. but, short time ago today decatur utilities put out the following -- upon arriving at a staging area in virginia crews were held in place pending clarification of documents received from the union that required our employees to prove union affiliation while working in the new york and new jersey areas. let's talk more about this story. joining us on the phone, a reporter who's following it. mark thornhill from huntsville, alabama. mark, your story got a lot of attention. people in new jersey were saying not true! not true! we talked to the utility. looks like the answer is somewhere in the middle. what are you hearing? >> well, we have talked to -- or

hearing from decatur utilities as well, but also this involved seaside heights, new jersey. small utility company up there. the decatur utilities crew says they were contacted and were called to come up there and help. they were invited. the utility worker we spoke with actually said they begged him to come help them. so they are saying right now everybody seemed to be avoiding the word "union." but the one person i spoke with on the phone who is a worker, he said, and it is a quote here, he said, "the union is basically shut us out. they shut us down." >> the bottom line here, whether they were shut down in seaside heights or shut down in virginia, they still wouldn't have been able to help without those union cards or accreditation? >> only in new jersey. they were going to new jersey. they were being held in virginia in a staging area. when we made contact with the employee, he said we're still in virginia because they will not

let us work. again, it was his understanding, his feeling, that the union -- that they had to belong to a union to be working in new jersey or at least in this part of new jersey. they were basically watching and waiting and the paperwork involved here, it's up for interpretation at this moment whether or not that entailed signing up and joining a union. >> what we hear from decatur's general manager, it was the other crews at the staging area that were sort of applying the pressure, or at least saying you need to be a member of the union to drive up. sounds like it is kind of like the west side story in a way. right in they sort of square off, saying do this, do that, and your guys just went home. >> basically, yeah, they were invited. we have great people here. we have a had had a nuhad a num tragedies involving tornadoes. they're more than willing and ready to jump at a moment's notice. i think it was frustrated to make it to virginia, the long

drive and everything, be waiting, only to be told, no, in their mind anyway, in the employee's mind, no, you have to be a union employee to work here. again, there is a back-and-forth here because i've heard governor christie making the statement that, no, we want all volunteers, union or not. but that's not the experience according to this one employee. >> thank you very much for clarifying. mark thornhill. the lines are getting longer, tempers are getting shorter. thousands of areas are anxious about where their next fill-up will come from. the weather channel's jim cantore is live in new jersey. is it getting better? >> reporter: it is. what's not is the temperature. temperatures are dropping to the low 50s, soon to be 40s, then 30s tonight. guys, this is what you call organized chaos. this gentleman right here just told me, he goes i saw you on tv here at the exit off the turnpike and i came down.

he goes i just waited 30 minutes. while it may be organized, have you police officers here who are basically funneling in traffic from the exit and telling them which lane to go in. they don't have to think about that. they come in, it's all done, all taken care of. they get in, it is pretty much a free-for-all. you can fill your tank. this is about a half mile long exit. it is filtering in from north and south side of the turnpike. they're moving along as they are instructed by yet another officer to tell them to get in this single line in through here. this is really going about as well as can be expected. we've had two tanker trucks down here. they filled those tanks with gasoline so obviously with this kind of volume here, they just have to keep supplying the beast. they're doing so in a really orderly fashion. nobody's been upset. everybody's been pretty happy. i haven't heard one horn honk behind me here. unfortunately, i want to say this. i want to say this. this is not the way it is everywhere. okay?

so this is one example of an organized situation. this is not the way it is everywhere. >> are there any rationings or limits? >> reporter: no. no. you can come in here and fill your tank. you know what you don't see? look on the tops of these roofs. you don't. see people getting greedy. you don't see people with five-gallon tanks strapped to their roofs. they're coming in this a very orderly fashion and really just getting the job done. but guys, if we could get power back on, that's going to solve the problem. you got 50% of the gas stations out there without power. no power, means no gas. >> we need power, we need transport. thank you for theup date, jim. as if all of this was not bad enough, a nor'easter is on the way next week and it will mean big problems for the hardest hit areas. the weather channel's wlirnt weather expert. really, when people were hearing the news, there were big just -- we just don't need this. right? >> sure. that's understandable. it is going to add insult to injury as far as the recovery process is concerned.

right at the outset we've got to let everybody know, this storm or this system will not even be in the same league as what happened with sandy. this system is coming in in the middle part of next week, and again we are taking a look. i'm going to go to a graphic here, a satellite image here. just to show you how far out this system is now. ingredients that are responsible for what's going to happen middle of next week, out here in the pacific right now, they're going to be moving on to the northwest coast on sunday. and then develop this weather system on monday. you can see the distance this has to travel. our computer models have a general idea of how this system is going to work its way up the coast. but they're off in the details, they're not agreeing completely so you'll need to stay tuned. i can say with relative certainly here that the system is going to have some impacts. we're probably going to see some rain along the coast, some stronger winds. on the back side of this system later in to next week, some colder air again. but the details are what's important. unfortunately, it is going to add insult to injury with the recovery.

we can only hope that if it moves a little further off the coast, the impacts will be mitigated. >> we will hope for that. the october jobs report was good but, super storm sandy, as everybody worried about, the next one. and if you're struggling to find gas, this is all you need to here. two automakers are being blasted by the epa for making fake fuel mileage claims. that story and more coming up on "street signs." [ male announcer ] this is steve. he loves risk. but whether he's climbing everest,

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today's jobs report coming in stronger than expected. the economy adding 171,000 jobs last month. but as always, there is more to the headline number than just the headline number. let's bring in stage works ceo ryan hamilton. what stuck out most to you about the report? >> here's the thing. we can argue today, too, as well, brian, if you want, i don't think the report was that hot, to be honest. i think what's happened over the past three years, we've gotten used to being in a malaise. i couldn't see where going from 8% to 7.9% is so good. but to your question, here's what's going on. over the past six months, the rate of sales growth for private companies is going down a bunch. we've been talking about this for a while. it's gone from 8% to 9% to about 5%. so we're really concerned right now not about today, and i know it is important today, but what's going to happen next year. >> all right, brian. listen. we're not saying it is a great report. all right? we want to see it, too, before

we start using words like that. 187,000 private sector pay rolls created, fewer discouraged workers, more people entering the workforce, not abandoning it. >> true. well, keep going if you want to. we are still in the muck. there's no question if you look at the data from last year, the year before, we're around 8%. we need to be down around 5% to 6%. here's why. we are in to three years of economic growth. right? jobs should be being created. there's no doubt about it. it is not a political issue at all. at this stage, remember, looking historically we don't know what's around the corner. so that rate to me is still bad. >> looking forward to the november jobs report, net net, do you think hurricane sandy will have created job scenarios in construction or destroyed jobs? >> great question. we don't know. it is one part of the country that's devastated, there is no doubt about it. no doubt about it. here's why i think it may be

important. we've gone from about 8% to 10% sales growth for private companies. now we're at 5%. that's a 50% decline. now you've got storms and you've got uncertainty. you've got a big national debt. here's the thing. when people are creating jobs they want to look out 24 months, 12 months, what is my business going to look like. so it doesn't help. >> brian asked the question why would i want to own or buy stocks between now and the end of the year considering all the uncertainties out there. does the same go for hiring? >> there is no doubt about it. there are so many issues. we've been talking about this for a while, right? here's what's really confusing. over the past three years we've had good growth, good profits, good margins. why aren't people hiring? we've done a survey recently. three quarters of business owners attribute the lack of hiring to externalities like the national debt. you've got the national debt, you've got storms, you've got uncertainty.

it is not good. and remember, if you look past over history, we've got three years of economic growth for everyone year of recession. are we going to a cyclical thing that could be a real downer for hiring. >> remember though, we're not fighting, brian. despite the country song, there's no good times, there's no bad times, just you and me and we just disagree. >> thanks a lot. 40% of new york city is without power still, yet there are generators sitle idle until the marathon is run this weekend. on deck, more on the story that's really dividing new york city.

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to run or not to run? that is the big question here in new york with the marathon happening on sunday. the decision is drawing more and more heat especially after people learn there are two giant generators sitting idle until they're used in the runner's

tents on race day. brian schactman is live at the finish line in central park. a moment ago it was announced the new york city krocomptrolle says it may be better used elsewhere. >> reporter: that may be a little bit politically driven on his part but that's generated a lot of question in new york. police department's commitment to the race, fire departments, all the trucks with foods and supplies are here. there are definitely people who don't understand why just a few miles away, whether staten island or in queens people are suffering and this race is going on as planned. but right now it is going on as planned. >> do you think there will be a lot of people that will be booed when they run the marathon? which is a real pity which i'm sure they've trained hard and long and will be coming from all over the world. >> reporter: yes. it is a great question. actually we met some aussies out

there who came all the way for the race, too. i talked to a lot of runners today. my two sisters, one from arkansas, one came in from connecticut. they were talking about that themselves. it would be sad if people pointed their frustration. there's real anger on this, guys. people who are against the race are really angry about it but they shall not point that energy at the runners. some of them were here before the storm hit and some of them are stuck themselves. some of them have homes that don't have power either but they're here to run a race. this seems to be a decision by all accounts from the mayor's office. >> i get it. brian, people have traveled. they've trained. it stinks. race cars. i travel. the engine craps out on the first lap, it stinks. but you know what? you just hit on it. safety. john liu said, they can't assure the safety. people are cold, hungry, they don't have gas. people running through their neighborhood. how you going to protect these

runners? >> well, that's an interesting question. what are you going do with the people that have spent thousands of dollars to come here though? you going to compensate them if you cancel and have them go home? i mean it will be interesting. this race goes through all of the boroughs and they will have to pass through some areas that are absolutely, if not destroyed, seriously jeopardized. >> i'm not saying i don't feel bad for the people. my gosh, i can't even drive 26 miles much less run it. i get it. it's tough. but at the same time, it's a lot tougher to not have heat and power and water. they're going to be dumping water on their heads as they run. right? while people don't have water a mile away. >> reporter: right. it doesn't feel like the yankees in 2001. right? right after september 11th and everyone got behind the baseball playoffs. we've followed twitter and facebook. you will be amaze the the commentary out there about this.

because to the natural sensibility, it does seem a little inappropriate. >> okay. well, thank you very much for reporting. brian schactman. meantime, the epa is putting the red line on two automakers who didn't tell the whole truth when it came to their gas mileage. first, people lining up in new york city today to be the first ones to buy apple's new ipad mini. will it be worth it? we have the c-nnet review. apple down $14 a share. y different park service units across the united states. the only time i've ever had a break is when i was on maternity leave. i have retired from doing this one thing that i loved. now, i'm going to be able to have the time to explore something different. it's like another chapter.

friday's "street talk" time. these are some of the stock stories we are following for you today. let's get straight to priceline and tripadvisor. shares of both moving higher today. >> earnings up 25% twan a slight

slowdown but not nearly as much as feared. priceline raised to buy from hold. tripadvisor earnings rose 9.3%. sales growth across the board beat analyst estimates. >> let's look at the other side of the coin. guess, this clothing company truly coming apart at the seams. look at the share price today. >> down almost 5% here. cfo and coo quit. no plans to replace the coo right now. jeffries downgrades to a hold from a buy. cut their targets to 25 from 45. thanks a lot, jeffries. stock was $41 until two years ago. citigroup today tanking. >> bad earnings. goldman sachs downgrade, earnings came in at 13 cents. estimate was 19 cents. goldman lowering their target to 43 from 55. this is a stock we don't often talk about. >> david einhorn, almost two years ago to the day came out and said short st. joe.

don't know if he is still short or not. but guess what? the stock's higher than it was two years ago. helped big time by 12% gain in earnings. don't know if einhorn is still short it. but if he is, i lost money. not only the cost to borrow but the stock is actually higher than it was two years ago. shares of apple also trading lower today in perhaps another sign that investors just can't get on-board with the new ipad mini as that hit the markets today. is it worth it though? scott, senior editor at cnet. give us the bottom line. >> the good, the fact that this thing is every bit as versatile as an ipad in a smaller size and it is the most affordable ipad apple has. the bad is that compared to other small tablets out there, it is expensive. the kindle fire hd around barnes & noble's new nook tablet are at $199, not $329. the screen a little lower resolution. fur a reader or techie, you may

notice that. bottom line, it is still the most useful tablet. if you're going to spend $330 on something -- >> why when i can spend $499 and get the full size one. >> some people might say why do i need something that just has extra features when i want to get basic stuff done and don't want to use it like a laptop. if you want something that's a full experience and don't want to buy a laptop, the largism pad makes sense. some people say i don't need a secondary device like that, i just want to read books, watch movies. then that fits the bill. >> i've heard apple is just coming out with too much stuff too soon. for example, i might have just bought an ipad 3. suddenly, there's an ipad 4 on the market. >> they upgraded the ipad in just seven months. also they pushed it all into one event. the iphone 5 just came out recently. people are saying i just bought that, i'm not going to buy a mini right now. >> they booted out their head of retail. there's something going on at

apple. right? is this going to do what it is intended to do, i think, which is bring in the students that can't afford maybe this small priced apple product that will get them sucked into that apple halo from which they will never leave? >> i think absolutely. it is very attractive. big books, books with graphic layouts, that aren't just text, they look fantastic on that device. it is getting on-board at a lower price for apple even as i said to match others. bottom line is that what you can do with that, you could use it as a full-fledged device. >> what would you buy? >> if i were to buy one, i'd go with that. that's because i've invested into that apple ecosystem. i like the versatility and the cameras on this. >> i know you can't give us obviously a stock call but you talk to a lot of people who do give stock calls. what do they think will happen with apple shares? >> i think that's the question, is it going to surprise people or are sales going to -- the expectations, the target's held with that but i think

expectations are always sky-high. i think this device will do well. but people expect it to do well. it is a smaller ipad. it is another in a line of recognizable products. windows 8 really -- >> we know good things do not come in large packages. they come in large packages. that is a small -- >> no, no, no. >> too small! >> it's kindle size. >> that's the new thing? kindle size? i'm kindle sized. >> i've heard two takes on that. i heard it is nice and portable. >> she's saying i'm not short, i'm kindle size. >> i'm fun size. fun size. scott, thanks for coming in today. the gaspiration continues. and not talking about on the set here. how long will it take to get those gas stations back online? ceos on how to fix america's debt. charlie rose: will you endorse president obama?

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i'm bill griffeth coming up on "closing bell." will the bet than expected october employment report affect tuesday's election? well, the head of one of the nation's largest -- in fact, the fastest growing labor union in the country will join us. also, is there any end in sight to the new york area's gas shortage? boone pickens weighs in for you. how will super sandy affect clorox? they make everything from bleach to garbage bags. we'll ask the company's ceo coming up. see you at the top of the hour for last hour of the trading day. julia boorstin has our "market flash" for us. >> that's right, bill. groupon shares off by nearly 8% today. that brings the groupon stock down by more than 80% since its ipo price of $20. this has groupon hits its one-year anniversary of its ipo on sunday. on the heels of amazon last week

saying revenue fell from 10% in q2 to q3. in the weeks and months to come, victims of hurricane sandy will begin rebuilding and many people and companies will move their things into self-storage facilities while they rebuild. those reits already up 4% this week. diana olick has more. >> reporter: that's right, brian. it is not something that you would think about immediately, but these self-storage facilities like this one are huge part of rebuilding. we saw it after katrina and sandy will be no different. why? of course, because people are trying to salvage what they can from their homes before they rebuild or repair and they need someplace to put it. plus, you've got builders, contractors, clean-up crews, they need somewhere to put their equipment. again, self-storage. what are the reits that will see the most action? extra space storage where we are today, sovereign self-storage, and cube smart, to name a few. demand from sandy will drive revenue growth in the first half of 2013. extra space storage which has high exposure in new york and

new jersey will see the biggest effect. perhaps as much as 33% of its portfolio. sovereign, up to 24%. this all according to analysts at cantor fitzgerald. now these reits are already up between 3% an 6% just since sandy hit. public storage is the largest of these self-storage reits. some haven't liked it lately because it's very expensive, but cantor upgraded it just before sandy hit from a sell to a hold. one caveat to all of of this, extraspace telling us some of their storage units in the sandy area were hit very hard. five very badly hurt. that would be in staten island and hoboken area. they are still assessing the damage to their facilities. but again in this entire space, you can see perhaps up to a 10% increase in business in self-storage in the next 6 to 18 months. back to you guys. a few days ago a group of 80 or so ceos went to congress calling for an immediate fix to our nation's debt.

their plan, a blend of spending cuts and tax increases. but a new group of ceos is speaking out saying tax increases need to be off the table. let's bring in president for the committee for a responsible fede budget. i believe you disagree with this move of the ceos. >> actually, i have to say that when i read the letter from this new group of ceos, i thought it was very similar to the same things that we have been saying and other groups that have looked at this issue have been saying. the point being anybody in business or anybody who's looked at the problem knows we need to take action to fix the debt. it is a huge threat to the economy and the standard of living in this country. in order to really address this problem we're going to have to look at all parts of the budget. again, if you look at the budget and look at the challenges, that becomes incredibly clear. but there are ways to do this that makes sense. what you're hearing from fix the debt campaign and other ceos that have looked at this, you need to focus on reforming

entitle many programs where some of the biggest problems are. when we talk about revenues, we need to talk about tax reform as a way to generate revenues that can broaden the base, lower rates and bring in more revenues. those are sensible pro-growth ways to help deal with the debt. so i actually, for all the headlines saying ceos differ on this, there are very unified voice from business leaders, experts, both sides of the political aisle that there are sensible ways to address this problem. that's what we hope we'll see going forward. >> is this a serious split between these two groups? they're still pretty much 90% hugging it out. >> i actually saw some headlines about ceos disagree. i wondered what it was going to be. if you read the letters -- >> blue tie! dark blue tie! red tie! >> but that's exactly right. we need to reform entitlements. we need to reform the tax code. there are no surprises here. we actually when it comes to fixing the debt know what the

fixes are. it is not a question of how to do it or what policies to do it. they're pretty well known. it is a question of whether we have the little bit kl will and whether we can hopefully right after this election bring both parties together to talk about actually addressing this incredibly threatening and well known problem facing our country right now. that's what business leaders, budget experts, republicans and democrats are pushing for right now and i sure hope the country can work on this together to get this problem solved. again, the solution is not something we don't know. the policy solutions are pretty well known. >> maya, thank you for joining us. have a great weekend. always go with the blue tie. or the red tie. that's not a political statement, folks. oil closing at 3 1/2-month lows. but we have to give you a quick look at low. session lows, down 110 points. apple down 114 points. better than expected jobs number not giving us a better than

expected market. he first minute of 50-point pop trade. now more on the commodity news today. sharon, no offense to the stock market. anything oil and gas related today, much bigger than the market. >> much bigger. it is of course correlated here. we are looking at oil prices right now at the lows of the session. we're right around where the low was on monday and where the 3 1/2-month low for settlement price here for wti crude futures. a lot of issues. there is plenty of supply out there. we've been talking about u.s. production at these 16-year high levels. then you think about the refineries that are still offline and the fact crude oil may be backing up there. there is definitely going to be a supply situation and those concerns are definitely pressuring prices. then in terms of the macro picture, russia at its highest production levels since the post-soviet era. that's pressuring brent prices. demand destruction definitely a case here in terms of the fuel price, in terms of gasoline

futures. we are looking at distribution issues slowly being resolved. not if you're sitting in one of those gas lines. but the jones act, the waiver there, that's certainly helping. then of course we are hearing about power being brought up from the gulf to some these terminals. that's going to eventually help as well. we are looking at sharply lower prices. session lows in fact for gasoline and heating oil as well. >> sharon, thank you for being the bear irer of better news. though the gas shortage is still a big problem for a lot of people in new york and new jersey. >> but a big government rule has just been rescinded that may finally get the pumps flowing again. we'll have the full details and the fake gas mileage claims by some big automakers coming up next. red tie. >> blue tie. [ male announcer ] at scottrade,

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the question everyone wants an answer to is how soon will we see gas relief in the areas impacted by sandy.

well, kate kelly is at new york harbor with an update. is it getting any better out there? >> reporter: well, here marine traffic has been sparse, although we did see one barge coming in earlier today. that barge actually was sitting too high in the water to have been loaded down with petroleum products, although we're told yesterday after the nearly week-long ban was lifted, there was much more vehicular traffic coming in here. no doubt bearing auto and jet fuel needed in the region. the one thing i'm hearing from people, though, is it's going to take a while to get things back together. some are scrambling to do it. mike cranston, who owns the bay own dry dock and repair corporation here normally has his people busy fixing ships. thanks to the storm, he's losing $100,000 a day in revenue he estimates and is trying to get things going again as fast as possible. in fact, hopefully in time for monday when he has a ship coming in for repair. >> it's going to be a long process. it's not going to be fixed overnight.

i think there's a lot of businesses up and down the waterfront that are in the same position we are. we're vital to the economy. we employ close to 300 people. >> reporter: cranston's using diesel generators to keep equipment running for now. he sends one worker about an hour away to pennsylvania every day to get gasoline supplies for that person and some other employees. they ration it amongst themselves. based on what i'm hearing, it's the way businesses and some residences are going to have to operate for another week or two to come. a recent goldman sachs note says the expected demand is only about 2 million barrels a day whereas the supply shortfall comes to about 7 million barrels. that means we're missing 5 million barrels to curb the mass tr transit that are forcing people into cars. as you've been reporting all day, these cars are increasingly running on fumes.

>> yeah, fumes if you're lucky. kate kelly, thank you very much. stay warm. we know it's getting cold out there. let's bring in dan dicker, president of merck block as well as a cnbc contributor. it's ugly out there. >> oh, it is. especially at long island. people are lining up at gas stations that have no gas. they see people lining up their cars, and they just pull in behind them. >> we literally today had some jerk in a range rover go over a yellow line, right, the tape that was put up. pulled up to the pumps so everybody driving by thought there was gas. instantly 50 cars formed. >> this is the worst possible thing that could happen in this particular situation. if i can make an analogy, it's like a run on a bank. we have plenty of gas. there's no real fundamental shortage. what we have is a lack of pumping, a lack of electricity for pumping. that's really the problem. plenty of gas in the tanks. we're waiting for the electricity to be turned on. the only thing that can make it

all turn upside down is if everybody pushes at the same time to try to get the money out of the bank. >> the power issue, the transport issue. the gasoline is there. what's it going to look like next week? >> it's a slow grind. this is what's happening. the storm took out such a huge swath of the infrastructure. took out the refineries. took out the major pipe lilines. the piers are flooded. the roads are flooded. they have traffic issues. >> i got to push back on you though, dan. there is a gas shortage. i understand they're full in the terminals and people in iowa are bathing in gasoline. if it's not at my local gas station, there's a shortage. >> what's happened is all the gas that's available has been put into storage in people's gas tanks as they rush to the pumps to fill up when they don't need to. they're 3/4 full and they're standing there two for two hours because they're afraid they

won't get gas in two weeks. it's a human experiment. >> we'll see this on the next edition of hoarders. >> what if you have an electric car? you're done. >> you still need gas to get the generat generator. >> okay. thank you so much. next, a headline that will make you rethink your car's gas mileage. from 17 billion chips worldwide to a world of super-connected intelligence. the potential of freescale unlocked. nyse euronext.

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well, here is a good old outrage story for you. the epa red flagging two automakers for not exactly telling the truth about their gas mileage. phil lebeau with companies we're talking about. >> here's what's going on. essentially, they overstated the miles per gallon estimate that you see on the sticker what wh you're buying the new vehicle and what they've been advertising over the last couple years. they overstated the mileage estimate for a number of their vehicles, 900,000 approximately, model years '11 to '13. most are off by one miles per hour. there are some where they're off three or four mimes per gallon. the korean automakers will compensate customers with debit cards. this is going to cost them tens

of millions of dollars. the fleet rating will drop from 27 mimes to 26 miles per gallon more hyundai. more importantly, they're going to have to change their marketing. >> the 40 mile per gallon elantra from hyundai. >> hyundai, well, we've seen them over the last couple years. they've been very popular saying, hey, we get 40 miles per gallon on a number of our vehicles, including the elantra. well, hyundai and kia are now vowing they're not going to change their marketing push. john craft today said we will continue to see hyundai and kia among the industry lead whers it comes to fuel efficiency. as you look at shares of hyundai, think about this, over the last couple years, there it have been ten hyundai models they tsaid got 40 miles per gallon on the highway. now they have